Consumer News

By Tim McKibbin – REINSW CEO

The NSW Government’s plans to lease the Land and Property Information (LPI) service for 35 years could mean property consumers end up paying more to register their interest in property.

The LPI maintains a register of all interests in real property in NSW, for example, if you buy or sell land, and is recognised as a world class title management system.

This financial year alone, it is expected to make a profit of $130 million, which raises the question why divest yourself of an income producing asset.

Leasing the LPI to the private sector could mean property consumers end up paying more to buy or invest in real estate.

There are many other government services which would benefit from the private sector management, however the LPI is not one of them and needs to be protected.